To stimulate a vibrant debt market, a balanced approach is necessary to ensure that investors and issuers are not deprived of the NCD route as a viable means of financing.
Alternative modes of financing are imperative for businesses to thrive. In this context, non-convertible debentures (NCDs) have become an accepted route for raising financing by Indian corporates, especially in situations where funding from banks and non-banking finance companies is unavailable. In fact, CRISIL expects that the supply of corporate bonds in the domestic market could double to ₹65 lakh crore-₹70 lakh crore by fiscal 2025.
Please click here to read the full article by Aashit Shah and Utsav Johri published in Fortune India.
Utsav Johri is a Partner specialising in debt finance with a strong focus on private credit, structured finance, leveraged finance, and cross‑border transactions. He advises leading domestic and international funds, financial institutions, and corporates on high‑value, complex financing structures across India and global markets.